Tuesday, August 16, 2016

Land intended to be used for commercial purpose at time of sale can't be deemed as agricultural land

ITAT Bangalore bench held that capital gains addition in respect of sale of various lands held by assessee an individual engaged in buying/selling of immovable properties was to be upheld as land was converted from agricultural to non-agricultural prior to sale with sole purpose and intent to sell land for industrial purpose and period of holding was also very short; land in question did not fall under exclusion clause (iii) to section 2(14). Deputy Commissioner of Income-tax, Circle 5 (1), Bangalore v. B. Sudhakar Pai. [2016] 71 taxmann.com 318

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